investment bank Friedman, Billings, Ramsey Group to offer initial public offerings to retail investors.

It is the second such deal announced by Fidelity in the last six weeks. Fidelity, which runs the nation's second-largest discount brokerage, announced a deal in late June with Lehman Brothers Inc. to give its customers access to stock and bond offerings, as well as research, and possibly structured products usually aimed at institutional investors.

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